if anyone does not think that the hand of the Fed is giving us a manufactured market at this point, study the chart of the INDU carefully ...
another clincher for me is that recent "king report" that was posted in dan's reposting from metropole. i remember king as a very rational guy (though a bit acerbic at times), with a good feel for what was going on on-the-street. even those big reversals were not things he attributed to invention or ppt. (e.g. i remember one was attributed to extremes in corporate spreads, e.g.)
but what he's saying seems to be that there's at least some sort of fed presence in the markets:
Fed Gov. ‘Weimar’ Bernanke surfaced to assure all that even though the economy is rebounding, the Fed will hold rates farcically low longer than previous economic rebounds because the Fed still fears deflation. What else does one need to know? The solons understand just how ugly the fundamentals are and fear debt deflation. They do not fear price deflation, which used to be called progress. Bernanke also uttered the mendacious comment that the Fed will make every effort to rectify its communication problem with the bond market. The Fed and some Wall St. barkers would like us to believe that the bond market collapse is just a Fed failure to communicate. We’re stunned that it took the bond market so many months to understand what Bernanke’s threat to ‘run the printing presses if needed’ meant for bonds. So there you have it. If bonds don’t rally soon, Bernanke will round up all the inmates and assert, "What we got here, is failure to communicate."
And we can expect warnings and threats from the Fed and its vanguard to the consequences of investor misbehavior: Any man who doesn’t believe that the economy is jiggy, spends a night in the box. Any man who shorts any dollar-denominated asset, spends a night in the box. Any man who buys gold or silver, spends a night in the box. Any man who suggests derivatives should be regulated, spends a night in the box. Any man who says ‘outsourcing’, spends a night in the box. Any man who mentions the words ‘deficit’ or ‘bear market’, spends two nights in the box.
If any trader or investor has ‘jackrabbit’ in them and tries to runaway from the stock or bond market, they will be chained to the markets. If you absolutely need to raise money to pay bills, you must first seek permission by saying, "Selling some stock/bonds here, boss". "That’s a cool hand, Luke."
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